Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Was on the buyside for 15 years, most recently at a medium-sized boutique asset management firm. I grew up in Europe, went to university in the US and have been living in Singapore for the last 7 years which has given me a broad scope on the world and investing in general.

Consider myself a generalist investor with a preference for small and mid-cap companies and special situations. However, a large cap that has gone temporarily out of favor might also pique my interest. 

My style of investing could be categorized as more of value investor, rather than growth at any cost. Learning from Charlie Munger on the importance of quality of a company has been of tremendous value over the years.I like businesses with real earnings, cash flows, dividends, book value and insider ownership.

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Thematic (Sector/Industry)

Mongolia Consumer discretionary / Thematic (Sector/Industry)

The most populous regions in the world are China, India, the United States of America, and the European Union. Indonesia completes the top 5 with (depending on the estimate) over 270-290 million inhabitants.
We looked at the performance of EU, US, Indian and Chinese top-3 billionaires and found all their publicly traded stocks have been tremendous compounders for their minority shareholders over 1, 2, 10 and 20-year time horizons.
When we focused on ASEAN's most populous country, Indonesia, we found that some of its top 3 billionaires have a questionable track record in creating value for their minority shareholders.
Sadly for minority investors, the graveyard of under-performing companies linked to Indonesia's top billionaires is not confined to Jakarta but extends to Singapore and Hong Kong.
In fact, we find that over long periods of time the Jakarta listed vehicles are the only ones that have decent performance (excluding IDR depreciation!). Once Indonesian billionaires offer their "goods" to Singaporean or HK investors only one mantra applies: buyer beware!

The most populous regions in the world are China, India, the United States of America, and the European Union. Indonesia completes the top 5 with (depending on the estimate) over 270-290 million inhabitants.
We looked at the performance of EU, US, Indian and Chinese top-3 billionaires and found all their publicly traded stocks have been tremendous compounders for their minority shareholders over 1, 2, 10 and 20-year time horizons.
When we focused on ASEAN's most populous country, Indonesia, we found that some of its top 3 billionaires have a questionable track record in creating value for their minority shareholders.
Sadly for minority investors, the graveyard of under-performing companies linked to Indonesia's top billionaires is not confined to Jakarta but extends to Singapore and Hong Kong.
In fact, we find that over long periods of time the Jakarta listed vehicles are the only ones that have decent performance (excluding IDR depreciation!). Once Indonesian billionaires offer their "goods" to Singaporean or HK investors only one mantra applies: buyer beware!

When Indonesian Billionaires List Outside Jakarta: Minority Shareholders Should Think Twice